By Doug Tenney, Leist Mercantile
Old crop soybean exports jumped 30 million bushels. Old corn exports dropped 50 million bushels.
Traders were looking for a pretty boring report with little changes compared to last month. US old soybean exports were expected to increase from last month’s estimate at 2.170 billion bushels. While there is lots of talk about Ukraine still having in excess of 400 million bushels of unshipped grain sales yet to take place, it is anybody’s guess as to when shipments will take place.
Barring a drastic change in the Russian invasion, the market still needs to account for grain deficits in multiple regions in the world.
Continue to watch what Russia does, not what they say. For example, last weekend they bombed a major Ukraine grain export facility. But the news prior to the bombing was focused on the potential of export corridors taking place.
Following the noon report release, corn was up 1 cent, and soybeans down 7 cents.… Continue readingRead More »